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GIC will acquire a 25.1 per cent stake in Lendlease International Towers Sydney Trust (LLITST) from Canada Pension Plan Investment Board and Lendlease. LLITST holds assets located in the Barangaroo Office Precinct in the Sydney Central Business District.

PHOTO: GIC

GIC will acquire a 25.1 per cent stake in Lendlease International Towers Sydney Trust (LLITST) from Canada Pension Plan Investment Board and Lendlease Group, the Singapore sovereign wealth fund said on Monday.

The trust owns premium grade office properties in the Barangaroo Office Precinct in the Sydney Central Business District (CBD) which have close proximity to Darling Harbour and extensive amenities, said GIC.

LLITST was established in 2012 and is valued at A$4.3 billion (S$4 billion), according to Lendlease's website.

The transaction is subject to regulatory approval and expected to fully close in Q3 2019.

The Reit - which includes a shopping mall in Orchard Road - will comprise one property each in Singapore and Milan, Italy with a total net lettable area of 1.3 million square feet and an appraised value of S$1.4 billion.